Hong Kong mobile operator HKT is reportedly working on securing a US$2.5bn financing for the acquisition of rival CSL, following an agreement last month between their respective parent companies, PCCW and Australian incumbent Telstra.
HTK has signed…
Hong Kong mobile operator HKT is reportedly working on securing a US$2.5bn financing for the acquisition of rival CSL, following an agreement last month between their respective parent companies, PCCW and Australian incumbent Telstra.
HTK has signed up Standard Charted to arrange the funding, according to Euroweek.
The companies were not immediately available for comment.
In December 2013, Telstra agreed to sell CSL back to Hong Kong telecoms group PCCW. The total deal value is US$2.4bn and the Australian company would receive proceeds of around A$2bn (US$1.85bn) for its 76.4% stake in the operator.
HKT would buy the remaining 23.6% from New World Development, a local conglomerate, for US$572m.
The deal, which comes 10 years after Telstra bought CSL from PCCW for US$2.3bn, is set to consolidate the Hong Kong market from five to four players, which include China Mobile Hong Kong, SmarTone and Hutchison Telecom’s 3.
